During divorce process, there are issues on marriage the divorcing couple needs to settle such as child custody, division of marital property, provisions on spousal support or alimony, and child support. Divorce agreement or Settlement agreement is a contract between divorcing couples who wish to settle their issues on marital property division and/or child custody before a divorce is granted on them.
Divorce agreement serves as the legal arrangement on rights and privileges of each partner after the divorce has been granted. It addresses the after-marital issues such as the living arrangement of the child and who will own the custody. It also divides the marital property, and decide on the amount of financial support for spouse and for the child after divorce has been approved. The power of the divorce agreement binds the divorcing couples, their executors, administrators, assigns and heirs.
This agreement is signed by two parties in front of two witnesses, and registered at the local register office. In case any provision has been violated by one or by both parties, it may be brought to court for enforcement. The court will make sure the covenant of the couple in the agreement will be administered.